Talks still under way to agree successful bid to buy Peterborough's unfinished Hilton Garden Inn
A successful bidder for Peterborough’s partly-built Hilton Garden Inn has still to be found.
Officials of Peterborough City Council and administrators Teneo are still weighing up the bids received for the nine storey building more than two weeks after the deadline passed for offers to buy the building.
It is known that a number of bids for the hotel, which sits on the banks of the River Nene at Fletton Quays, have been received from investors.
However, a timescale has not been set for a final decision to be agreed on a successful buyer and officials are keen to stress the process is ‘confidential’.
A Peterborough City Council spokesperson said: “Council officers regularly meet with CBRE and the Administrators and we have met with them in recent weeks to discuss bids received.
"These meetings are commercially confidential.
She added: “We would expect any decisions taken by the administrators to remain confidential until a decision has been made on how to proceed.”
Administrators Teneo were appointed by the council in October 2023 after a prolonged period in which the developer had not carried out any construction work.
The council is the primary secured creditor after providing a £15 million loan in 2017 to help the developer get construction work under way..
Commercial agents CBRE have warned that any buyer will need to invest £14 million to complete the hotel.
Teneo officials have also warned that the council is unlikely to get a full return on its investment.
Hilton Garden Inn crisis timeline:
September 25, 2017: A two year £15 million loan advanced for hotel with first drawdown in May 2020. (Pay back due April 2022) The loan was agreed for Norlin Hotels Holdings. A council reports states the hotel is expected to be completed in 2019.
October 2018: Councillors voice alarm as it’s revealed ownership of Fletton Quays Hotel has switched from Norlin to Propiteer Hotels. The loan to be paid out over 48 months from the time of first payment to Propiteer. The hotel is now due to be completed in 2020.
December 2019: Start of Covid-10 pandemic in UK
March 2020: UK goes into lockdown
May 2020: Construction work is due to start but cannot because of lockdown
Mid-July 2020: Construction staff on site. Completion of hotel is expected by November 2022.
March 2022: City council agrees FIRST extension for loan with term extended to 31st March 2023. Developer says it had not been possible to start work as planned.
April 2022: Topping out ceremony at Hilton Garden Inn. Hilton Hotels managing director says he expects hotel to be open by January.
February 2023: Website bookings being taken from July 17.
March 2023: Appointment of a head chef and a food and drinks manager is announced. Website bookings being taken from December 17, 2023.
March 13, 2023: Council agrees SECOND extension to loan taking it to the end of 2023.
May 2023: Work on site slowed and then stopped
July 2023: Website bookings now being taken from July 2024.
October 17: 2023: Peterborough City Council announces it has taken developer into administration.
March 2024: Councillors told council has earmarked £10 million in case further investment needed in hotel’s completion. Says if council takes control it would then have the option of selling the hotel after three to five years.
May 22, 2024: Council announces it is to seek approval from extraordinary cabinet meeting on May 30 to submit credit bid to assume ownership of hotel.
October 2024: Administrator Teneo seeks a year long extension to administration period.
January 9, 2025: Sale of hotel fails as would-be purchaser pulls out at 11th hour
September 8, 2025: Spokesperson for Hilton Hotels says the company is still committed to operating at the Fletton Quays building when completed
September 26, 2025: Council leader Cllr Shabina Qayyum says needs of residents must be prioritised over ‘vanity project’ Hilton Garden Inn
September 30, 2025: New report reveals Hilton Garden Inn suffers from pigeon infestation and water damage and was a huge cost to Council Tax payers.
October 2, 2025: Council’s ruling cabinet to be asked to approve marketing and sale of uncompleted Hilton Garden Inn to highest bidder
October 20, 2025: Council Scrutiny Committee agrees to carry on with sale of the hotel.
November 11, 2025: Hilton Garden Inn official goes up for sale. Agents warn buyers will need to spend £14 million to complete building.
January 16, 2026: Deadline for bids to buy the Hilton Garden Inn.